The receiver for the Merit Functional Foods plant protein processing site in Winnipeg has applied for court approval to sell to a Manitoba numbered company.
Tag Archives bankruptcy
Buyer steps up for shuttered Winnipeg plant protein processor
Receiver for Merit Functional Foods plant has requested court approval for the sale
Drought leaves Canadian farmers unpaid
Failure of unlicensed companies, complaint deadline, insufficient security seen as holes in farm support
Hundreds of Canadian farmers have received delayed payments for their crops or not been paid at all, as a growing number of grain-buying firms declare bankruptcy amid drought and low commodity prices, according to interviews with dozens of farmers, a government agency, and a review of bankruptcy documents.
Agfinity declares bankruptcy
Agfinity Inc. officially filed for bankruptcy on Nov. 25, just over a month since the Alberta grain brokerage shut down operations and laid off employees.
Agfinity shuttered, new brokerage facing online questions
Stony Plain, Alta. grain broker Agfinity laid off employees and started the process of declaring bankruptcy in mid-October, according to former employees. Three former employees are working at launching a new brokerage firm, Grain Gateway Canada, but have run into some strangeness online.
Fruit and vegetable producers optimistic as Bill C-280 moves to second reading
Bill aims to provide fresh produce sellers in a way to secure payment in case of buyer bankruptcy
A bill that will provide fresh produce sellers in Canada with financial protection in case of buyer bankruptcy has moved to second reading in the Senate. Bill C-280, the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act was adopted by the House of Commons on Oct. 25, with its first reading in the […] Read more
Major U.S. peach producer files for bankruptcy to pursue sale
Setbacks have included salmonella, fires, heavy debts
New York | Reuters — Prima, a private-equity backed farmer that is the largest producer of peaches and other stone fruit in North America, filed for Chapter 11 bankruptcy protection in Delaware on Friday. The company, owned by private equity firm Paine Schwartz Partners, has about $679 million in debt, and plans to sell its […] Read more
Produce sector getting closer on financial safeguards for buyer bankruptcy
Victory may be in sight after a 35-year campaign for financial protection
Fruit and vegetable growers are keeping one eye on Bill C-280’s parliamentary progress and the other on the election countdown. The Financial Protection for Fresh Fruit and Vegetable Farmers Act, York-Simcoe MP Scot Davidson’s private member’s bill, received unanimous support in the House of Commons during its second reading mid-May. Why it matters: Since 1985, […] Read more
Lakeside Produce Inc. owes $188 million to creditors
Leamington’s Lakeside Produce Inc. filed for bankruptcy Jan. 17. Publicly available records from insolvency trustee Ernst & Young show the greenhouse operator owes nearly $188 million to creditors. Documents show Lakeside’s declared total liabilities as $187,889,241, and total assets declared are $3,580,233. The number of creditors listed by Ernst & Young as of Jan. 30 […] Read more
Bankrupt organic firm’s Prairie growers to be paid
CGC to issue compensation
Over four dozen Prairie grain growers who supplied a Minneapolis firm specializing in organic and non-GMO grains will get paid in full, the Canadian Grain Commission says. The CGC on Tuesday announced the results of its review of producer claims in the wake of last July’s bankruptcy filing by Pipeline Foods, whose footprint in Canada […] Read more
Court approves Morris Industries’ sale to Rite Way
Yorkton plant, not included in deal, to close
Seeding equipment manufacturer Morris Industries has been approved for sale to another Saskatchewan manufacturer — minus its Yorkton manufacturing plant, which is not part of the sale and is now expected to close by year’s end. Judge Shawn Smith of Court of Queen’s Bench in Saskatoon on Friday approved the sale of Morris to a […] Read more
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